Slater Technology Fund Reinvests in Andera

Funding Brings Slater’s Total Investment in Online Banking Technology Leader to $750,000

Providence, RI, May 27, 2008 – The Slater Technology Fund today announced that it has provided $350,000 in additional funding to Providence-based financial technology firm Andera as part of the company’s $850,000 latest round. Slater’s newest funding brings its total investment in the company to $750,000 and will help further Andera’s growth as it expands office space and continues to cultivate the online account opening market.

Founded in 2000, Andera closed on its 200th customer in April 2008 and is now the number one provider of online account opening and funding solutions to the financial services industry. The company has grown its headcount more than 60% in the last 12 months to 50 employees, and last month announced a partnership with financial institution software and services supplier Harland Financial Solutions, under which it will offer its comprehensive, end-to-end online solution to Harland’s clients with integration into the partner’s UltraData® Enterprise and Phoenix™ System core processing solutions, as well as its Cavion Internet banking solution.

The online account opening market is still young, and the number of U.S. financial institutions offering these capabilities is expected to increase from fewer than 2% in 2007 to between 18% and 20% by 2010, according to leading market research firm Celent.

“Andera’s technology has set the bar for the online account opening market and its financial services customer base,” said Thorne Sparkman, managing director of the Slater Technology Fund. “The company’s growing list of partnerships with major software providers and retail financial institutions is helping not only to increase its own market lead, but to further develop the young and burgeoning space as a whole.”

“Our solution is changing the way financial institutions acquire new customers,” said Andera CEO Charlie Kroll. “As consumers grow increasingly comfortable with managing their financial lives online, financial institutions are responding by offering an increasing array of electronic solutions. Our capabilities help them reduce the hassle that comes with establishing a banking relationship, making it easier to turn prospective consumers into loyal customers.”

About Slater Technology Fund
The Slater Technology Fund is a state-backed venture capital fund that invests in new companies committed to basing and building their businesses in Rhode Island. Slater focuses its resources on the support of entrepreneurs who have the vision, leadership and commitment to build substantial commercial enterprises. Slater typically invests at the inception stage in the development of a new venture, often based upon ideas and technologies originating in academic institutions and/or government research laboratories located within the region. In most cases, investments are premised upon the possibility of raising substantial follow-on financing, from venture capital investors or from strategic partners, with a view toward accelerating the generation of significant numbers of high-value, high-wage jobs over the intermediate to longer-term. For more information, visit www.slaterfund.com.

About Andera
Andera is the leader in integrated account opening technologies for retail financial institutions. Dedicated to helping banks and credit unions use the Web as a tool for sales and growth, Andera offers a suite of integrated products and services for automated online account opening, funding, and cross-selling. Andera is headquartered in Providence, R.I. and can be found on the Internet at www.andera.com.

For More Information
Laura Nelson
SVM Public Relations
401-490-9700
laura.nelson@svmpr.com